Biz

Jay-Z Sues Dallas-Based Highland Capital and NexBank Over Failed Hotel Development

By Robert Wilonsky Thu., Feb. 4 2010 at 11:38 AM
Categories: Biz
jay-z.jpg
​So reports The New York Post, which says one Shawn Corey Carter filed a $3.7 million suit in New York on Wednesday concerning a hotel he was trying to get off the ground in Chelsea. The two defendants are Highland Capital Management and NexBank, both HQ'd here and both of whom Carter says are trying to "bleed" him dry over the loan that was supposed to fund the project.

In short: Jay-Z borrowed the money in '07 from another lender that sold the note to Highland Capital -- and then the economy went boom, taking with it the bucks and the blueprint for the J Hotel. (See what I did there? No? Dang it.) In filings, Jay-Z claims the money men "intentionally dragged out talks to renegotiate his $52 million note so they could reap $20,000 a day in interest and fees." To which Highland Capital says, Nuh-unh.
Email to Friend
Print Article

We Recommend

My Voice Nation Help
0 comments
  Livefyre
Sort: Newest | Oldest
VOICE Daily Deals

Slideshows»

Retail

General

More >>
©2013 Dallas Observer, LP, All rights reserved.
Browse Voice Nation
  • Voice Places Dallas / Fort Worth

    Voice Places

    Find everything you're looking for in your city

  • Happy Hour App

    Happy Hour App

    Find the best happy hour deals in your city

  • Daily Deals

    Daily Deals

    Get today's exclusive deals at savings of anywhere from 50-90%

  • Best Of

    Best Of...

    Check out the hottest list of places and things to do around your city

Join
Log In